Kotak told CNBC-TV18, "Carborundum Universal is a fairly strong consistent player, has been growing at a fairly consistent pace over last five years. The company’s three businesses like ceramics, electric minerals and abrasives– which are finding applications like mining, minerals, metals, engineering and power. All of which are doing well."

He further added, “It also has fair presence across China, Africa and other geographies, which also they are of further strengthening. The company is looking to be maintaining its margins and with strong growth in terms of the topline. We are seeing the stock to be heading towards a price of Rs 320 over the near-term."